President Bola Tinubu has requested the approval of a supplementary budget from the House of Representatives in the amount of N2.1 trillion (approximately $5.2 billion) for the year 2023.
The supplementary budget is intended to address wage adjustments for government workers, security, and other pressing matters.
The Federal Executive Council (FEC) also approved the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), which outlines the government's fiscal policies and priorities for the next three years.
The statement reads
The council considered a request for supplementary appropriation which is a second for 2023. And graciously approved the sum of N2,176,791,286,033 as supplementary budget and this supplementary budget is to fund urgent issues including N605 billion for national defence and security. This is to sustain the gains made in security and to accelerate and these are funds that are needed by the security agencies before the year runs out.''